Have you ever walked into the local mall
looking to buy one item and then found
yourself walking back to your car with bags
full of stuff you never anticipated buying.
I definitely have…
How does it happen? Blame it on the impulse buy.
Impulse buying is common behavior in the world, today.
Businesses know how to activate every cell
of our 5 senses to trigger our muscles to purchase
Making that impulsive purchase feels good in
the moment, however, the thrill is short lived when
you look at your empty bank account and your
maxed out credit cards at the end of each month.
Having cabinets, closets, and garages full of stuff
that collects dust is a sure sign of impulse
buying gone bad.
The problem with impulse buying is – it takes money
away from building a solid financial future where
money works for you instead of you working for it.
Many years ago, I heard a multi-millionaire make this statement,
“You can’t get rich if you are giving everyone else your money.”
This really hits home if you would like to have a future
with financial independence…
One way to tackle the impulse buying habit is to meet
it half way. What I suggest is to have what is called
a Free Fund. Every month you give yourself a certain
amount of money to spend freely.
With a pre-determined amount set aside each
month you have leverage on your side.
When you do your Spending Plan (aka budget) for the month,
allocate a portion of your money toward your Free Fund.
This way you are in control, spending money that is already
calculated into your Plan. Since most people are conditioned
to buy on impulse, here are some additional tips to help
you get the edge on keeping the impulse buying urge at bay.
1. Buy things that have a good return policy when the thrill wears off
2. Don’t shop with people who are a bad influence
3. Go shopping with a list
4. Never go to the grocery store hungry
5. Ask yourself, “Is this purchase a need or want?”
6. Keep your Spending Plan in mind
7. Make saving money fun.
So the next time you are influenced by the
forces of the impulse buy, remember it is on
your terms and not on their terms.